ABM downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank downgraded ABM to Hold from Buy with a price target of $43, down from $65. The company’s results and fiscal 2024 guidance were disappointing as management indicated it expected to see a continued negative impact from a soft commercial real estate market next year, continued project delays in Technical Solutions and a potential of lost business in the manufacturing and distribution segment from a large customer, the analyst tells investors in a research note. The firm says it has limited visibility on all these factors and no longer feels comfortable recommending the stock.